Two Spanish companies will invest a combined $200 million in the renewable energy business in South Korea, Seoul‘s trade ministry said Wednesday.
Madrid-based Ocean Winds decided to make an initial investment worth $100 million to establish an offshore wind power plant in Incheon, west of Seoul, according to the Ministry of Trade, Industry and Energy.
Ocean Winds was founded in 2019 as a joint venture of Spanish energy enterprise EDPR and French company ENGIE to invest in wind energy businesses around the world.
In addition, EDPR decided to invest $100 million in solar power farm in Goheung, South Jeolla Province.
The company currently operates solar and wind energy plants in 14 countries in Europe and North America.
The announcement came after South Korean President Moon Jae-in proposed closer partnerships between his country and Spain on low-carbon and digital economies, as he attended a joint business forum in Madrid along with Prime Minister Pedro Sanchez.
“We hope the investment will strengthen partnership in renewable energy business between the two countries,” said Trade Minister Moon Sung-wook in a ceremony held in EDPR’s Spanish headquarters. (Yonhap)